Public finance bulletin August 2004

Headline comparisons

Central government current receipts in July were 6.5% higher than in the same month last year. Receipts in the first four months of this financial year were 6.1% higher than in the same months of 2003-04. The 2004 Budget implied that central government current receipts for the whole of 2004-05 would be 7.6% above 2003-04 levels.

Central government current spending in July was 8.9% higher than in the same month last year. Spending in the first four months of this financial year was 6.4% higher than in the same months of 2003-04. The 2004 Budget implied that central government current spending for the whole of 2004-05 would be 5.2% above 2003-04 levels.

Public sector net investment in July was £1.3bn, or 36.7% higher than in the same month last year. Together, public sector net investment during the first four months of this financial year has been £3.0bn, which is 9.8% lower than in the same four months of 2003-04. The Budget predicted that net investment in 2004-05 would be £22.4bn, which is 64.0% above last year's level.